券商中国·2025-09-08 01:53Core Viewpoint - The article discusses the recent surge in performance of actively managed funds in the A-share market, highlighting a renewed trend of "fund hugging" where multiple funds concentrate their investments in a few high-performing stocks, particularly in the technology sector, driven by the AI boom [2][3][4]. Group 1: Fund Performance and Trends - Over 400 actively managed funds have seen net value increases exceeding 30% in the second half of the year, with heavily overlapping holdings in stocks like Xinyi Technology, Zhongji Xuchuang, and Shenghong Technology, indicating a strong reinforcement of fund hugging behavior [2]. - The average return of the top 20 stocks held by active funds reached 42% since July, with an impressive annual average return of 103.8%, significantly outperforming major market indices [6][8]. - In contrast, the average return of the top 20 stocks held by active funds at the end of 2023 was only 35.82%, and 51.71% at the end of 2024, indicating a stark difference in performance compared to the latest holdings [8]. Group 2: Characteristics of Current Fund Hugging - The current round of fund hugging shows new characteristics, with a notable increase in the number of funds holding Hong Kong-listed stocks, such as Tencent and Alibaba, reflecting a shift in asset allocation strategies [10]. - The AI sector has emerged as a new favorite among funds, with companies benefiting from AI developments, such as Xinyi Technology and Zhongji Xuchuang, becoming primary targets for investment [10]. - Fund managers are exhibiting quicker and more decisive trading behaviors, rapidly switching holdings to embrace leading companies in the AI supply chain, with a significant increase in the number of funds holding Xinyi Technology from 162 to 1062 within two years [10]. Group 3: Market Dynamics and Fund Flows - The influx of passive funds, particularly ETFs, into core index components has further strengthened the hugging effect, with the scale of domestic ETFs growing significantly [14]. - The aggressive pursuit of excess returns by fund managers, alongside the quest for scale and management fees by fund companies, has led to a more extreme form of fund hugging, which could shift from "shared returns" to "shared risks" [16]. - The article warns that if the market sentiment shifts or if there is a halt in net inflows, it could trigger liquidity issues, especially given the significant impact of ETF redemption fluctuations on stock prices [16].